Ripple CTO David Schwartz has sent a critical message to the XRP community, warning users about criminals’ devious tactics. The rate of crime in the crypto sector industry has continued to grow exponentially, causing worries for authorities and market enthusiasts. Schwartz, in a recent post on X, warned against scammers targeting crypto holders specifically.
In his post on X, the Ripple CTO alerted the crypto community to a potential phishing scam, with bad actors targeting their assets. He posted a picture of a Coinbase email prompting him to update his account, with a tab that he is supposed to click to carry out the process. He noted that the emails are fake and do not always come from the real exchange. They are embedded with malicious links designed for stealing purposes.
Ripple CTO wants users to be vigilant
In his post, the Ripple CTO told the crypto community that every email that looks like that is a scam. The scammers usually embed their links, which most times, take a resemblance to the real website. Once users click the link, they either download malicious software or are redirected to the fake website. They are then asked to update their details on the platform to increase the security of their account.
Scam Warning: If you see an email that looks like this, it’s a scam. pic.twitter.com/klneRy7dor
— David “JoelKatz” Schwartz (@JoelKatz) January 11, 2025
Unknown to the users, they have given their account details to the criminals. After confirmation, the criminals receive their information, sometimes attached to their private keys. Once all information is completely verified, they swing into action, emptying the user’s wallet at will. In this case, there is nothing the user can do to stop the criminals from stealing their digital assets. In other cases, downloading malicious software allows the criminal access to the complete system, enabling theft.
Aside from imitating popular exchanges, scammers send users emails that are not even affiliated with any exchange. It is usually about the users winning a prize or a promotion and they need to download a certain file to acknowledge participation. This recent warning by the Ripple CTO mirrors several reports of an increase in scams towards the end of last year, with projections that it may become worse this year.
The crypto community has always seen the important job that the Ripple CTO does, with another honorable mention being ZachXBT. According to a user on X, Schwartz has been watching out for the community, alerting them to things like this, and they do not take it for granted. The security tips have often worked for most users, saving them from losing part or all of their portfolios to these criminals.
Increase in scams and the battle against it
Ripple has been calling out the increase in scams over the last few years, warning users to tread carefully when carrying out their activities. Last year, Ripple CEO Brad Garlinghouse ripped into X and YouTube for allowing criminals to take advantage of their platforms to scam unsuspecting victims. He mentioned that several XRP-related scams have been perpetrated using the platforms.
While the platforms have come up with several initiatives to get rid of bad actors, they have become a cancer that won’t die, always finding ways to bypass detection mechanisms. XRP community users took advantage of Schwartz’s post to share security tips among themselves. A user stated that he has never clicked on a link he did not ask for from the exchange. He highlighted that it has helped him avoid scammers, as they have become sophisticated.
The phishing email shared by the Ripple CTO is just one of the many ways the criminals operate. They create an air of urgency, asking users to act quickly. Most times, it is updating their accounts and other times, it is claiming a giveaway. According to experts, users must refrain from clicking on any link attached to their emails, because their exchanges would never ask them to. Instead, they should go to their account directly to sort out any issue they may have.
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